(Santa Fe, NM – January 3, 2024) City of Santa Fe median home prices fell by 8.3% from $599,750 in the 4th Quarter of 2022 to $550,000 this 4th quarter in 2023. City home sales decreased by 21.8% with 147 units sold this 4th Quarter compared to 188 in the 4th Quarter of 2022. During this same period, Santa Fe County median home prices grew by 3.5% from $795,000 in the 4th Quarter of 2022 to $822,500 in this 4th Quarter of 2023. County home sales dipped by less than one percent from 147 units sold in 4th Quarter of 2022 compared to 146 units in the same Quarter of 2023. The overall volume of home sales dropped from $311.8M in 2022 to $262.5M in the 4th Quarter of 2023 or by 15.8%.
Condo and townhome sales dropped off this quarter by 25% with a total of 84 units sold compared to 112 in the 4th Quarter of 2022. The median price of condo/townhomes increased by 28.2% or from $389,500 in the 4th Quarter of 2022 to $499,373 in 2023. Overall land sales increased by 43.2% from 37 in the 4th Quarter of 2022 to 53 this quarter. Overall land prices rose by 8.6% at $152,000 in the 4th Quarter of 2022 increasing to $165,000 this quarter. The volume of land sales jumped by 48.6% or from $7.9M in 2022 to $11.7M in the 4th Quarter of 2023.
Looking at the data from the Santa Fe Association of Realtors finds the reported the inventory of single family homes for sale in the City and County of Santa Fe dropped by 12.3% from a total of 350 in the 4th Quarter of 2022 to 307 the 4th Quarter of 2023 with a 2.7 month’s supply of inventory. Days on Market until Sale noted an increase to 51 days for single family homes and 39 days for condos/townhomes in this 4th Quarter of 2023 compared to the same Quarter in 2022.
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